TaxTMI 
TaxTMI 
2016 (12) TMI 561
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....pellant's appeal against the assessment order. The matter pertains to the assessment year 2009-2010. 2. According to the appellant, the following substantial questions of law arise in this appeal:- "(i) Whether in the facts and circumstances of the case the orders (Annexure P-1), (Annexure P-2) and (Annexure P-3) are legally sustainable? (ii) Whether on the facts and in the circumstances of the case, the learned Income Tax Appellate Tribunal is right in law in holding that the income earned from banks other than cooperative banks as interest on its bank accounts as income from other sources being attributable to its business income and thereby not allowing deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961? (iii) Whether in the f....
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.... presumptions and surmises? (vii) That the appellant assessee craves leave to alter, amend, delete or add to any of the above substantial questions of law during the pendency of the present appeal." 3. Questions (i), (vi) and (vii) are only general in nature and do not require consideration. 4. Questions (ii) and (iii) are admittedly covered against the appellant in view of the judgement of a Division Bench of this Court dated 10.05.2016 in ITA-17-2016 titled as The Punjab State Cooperative Federation of House Building Societies Ltd., Chandigarh Vs Commissioner of Income Tax-II, Chandigarh and another. Questions (ii) and (iii) are, therefore, decided against the appellant. 5. Re: question (iv) The Assessing Officer had disallowed cert....
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....ect of the income eligible for deduction under Section 80P(2)(a)(i) and income not so eligible. It is not that the authorities have refused the appellant the proportionate benefit of a deduction under Section 80P(2)(a)(i). What is done is that the Assessing Officer has been directed to restrict the disallowance of interest payable under Section 43B on a proportionate basis. The deduction is only to the extent specified in sub section (2) thereof. 7. The learned counsel appearing on behalf of the appellant states that the Assessing Officer has not computed the same correctly. In that event, it is for the appellant to challenge the same separately. 8. The order of remand in this regard cannot be faulted. It does not raise a substantial ques....